DAVIE, Fla., Sept. 28, 2004 (PRIMEZONE) -- Midas Entertainment, Inc. (Pink Sheets:MDAS) announced that SharkPoker.com began operations today and that in just over one month of operations Midas has over 1,500 paid player sign-ups and has processed in excess of $600,000 in transactions.
"We are excited to bring on our second licensee, and have more in the pipeline that we will be announcing soon," remarked Midas President George Gutierrez. "The company is off to a phenomenal start that has even exceeded management's expectations, and in October, we will be announcing our September results, as our first calendar month of operations."
The Industry
A Bear Stearns report for the industry pegged annual revenue at $4.2 billion for 2003, while Christiansen Capital Advisors predicts a slightly rosier picture pointing to an estimated $4.5 billion in revenue for calendar year 2002, saying 2005 revenue could exceed $10 billion. PokerPulse.com estimates that approximately $46,237,221 is wagered at online poker sites during any given 24 hour period.
The Company
Midas' wholly-owned subsidiary, Creative Millenium Ventures, provides gaming software to online poker sites. More details about these sites will be forthcoming in future press releases.
This news release contains forward-looking statements regarding Midas' business strategies and future plans of operations. Forward-looking statements involve known and unknown risks and uncertainties. The company's risks and uncertainties include: intense price competition, economic, political and regulatory uncertainties, the need to raise additional capital for growth and expansion and its reliance on the Internet as a means for promoting the software it sublicenses. The forward-looking statements contained in this news release speak only as of the date hereof and Midas disclaims any obligation to provide public updates, revisions or amendments to any forward-looking statements made herein to reflect changes in Midas' expectations or future events. The representations of net handle and gross net win in this press release are presented as measures of performance for the company that are different from those presented in the income statement in accordance with Regulation G promulgated by the Securities and Exchange Commission and are not to be considered as revenue or a GAAP related financial disclosure criteria.